Battered Bitcoin Devotees Begin to Contemplate a Market Bottom

It’s difficult to call a bottom, even more so “with this one, because its rally was fueled so much by young people who had never invested in anything before,” said Matt Maley, chief market strategist at Miller Tabak + Co. “Crypto is a liquidity asset right now, so as long as the Fed is tightening, it’s going to be hard for it to see a sustained rally. Second, the asset class has lost a lot of confidence with investors, so it’s going to take time for it to regain that confidence.”